PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1358230
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1358230
Polysilicon Market size was valued at USD 12,630.7 Million in 2022, expanding at a CAGR of 16.7% from 2023 to 2030.
Polysilicon, a high-purity version of silicon, is an important raw ingredient in the solar PV supply chain. It is used in the production of semiconductor wafers. These wafers are subsequently treated to create integrated circuits or chips that are used in electronic devices. Polysilicon demand frequently reflects that of the semiconductor and solar industries. As these industries expand, so does the demand for high-purity polysilicon. The manufacturing of polysilicon, particularly through the Siemens process, requires a lot of energy. As a result, there are worries regarding the environmental impact and carbon footprint of its manufacture.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. Asia Pacific is expected to dominate the market growth, due to increasing production and consumption of electronic devices and the growing demand for solar energy in the region. The nations of Asia-Pacific are semiconductor industry leaders. Polysilicon, as a main raw material for semiconductor wafers, is in high demand due to the region's booming electronics and chip manufacturing sectors. China's consumer electronics industry has witnessed stable growth in recent years. Major computer, communications, and electronic device manufacturers saw their profits reach 276.32 billion yuan (about 38.39 billion U.S. dollars) in the first seven months of the year, according to the Ministry of Industry and Information Technology and the Ministry of Finance. Furthermore, many governments in the Asia-Pacific area are substantially investing in renewable energy. The APAC region's large-scale manufacturing capabilities frequently result in cost advantages, making solar systems more cheap and increasing adoption. Moreover, Technological advancements in polysilicon production methods could reduce production costs, making solar energy more affordable and driving market demand in all specific region in forecast period.
The polysilicon market's competitive environment is impacted by a combination of technological prowess, manufacturing capacity, cost efficiency, and geopolitical concerns. Companies with a competitive advantage spend on R&D and achieve greater efficiencies in polysilicon production. This entails manufacturing high-purity polysilicon at a lower cost and with a lower environmental impact. For example, the three largest manufacturers of polysilicon in the United States stressed that Chinese tariffs imposed on U.S.-made polysilicon over the past five years have put the industry at risk, making the U.S. effectively reliant on China for this critical material. Furthermore, the rise of the solar industry, advancements in semiconductor technology, and geopolitical shifts are expected to affect the future of the polysilicon market.
On October 21, 2022, Nowadays, Governor Gretchen Whitmer joined company officials and federal, state, and local leaders to break ground on Hemlock Semiconductor's (HSC) new expansion project at the company's Thomas Township operations. Governor Whitmer announced the project in September, bringing a planned investment of USD375 million and the creation of 170 high-wage jobs to Saginaw County and strengthening Michigan's leadership position in the semiconductor supply chain.
The scope of this report covers the market by its major segments, which include as follows: